- Offers loans to individuals, regardless of credit standing and history.
- It doesn’t request prepayment fees.
- Can help boost your credit score.
- It has a limited reach as it is only available in 12 states.
- It requests the payment of origination fees for certain types of loans.
- Poor management of this loan can ruin your credit score.
|Company (Lender)||Loan Amount||Loan term||Min. credit score||Est. APR||Funds available in|
|$300 – $9000||9-49 month||None||From 19.9% to 36%||Within a day|
Oportun Loans is one of the leading lending platforms in the country today. But even at that, how well do you know this personal loan service provider? Is there anything to be aware of before engaging their services? How do you know for sure that they’re the best choice for you? Here, you’ll find a thorough review of their service in 2021 to help inform your decisions!
What is Opportun Loans?
Most banks and lenders don’t consider loan applications from people with bad credit. Founded in 2005, Opportun Loans specializes in offering loans to these individuals.
Oportun Loans afford borrowers a wide range of loan options they can take out. Unlike many other lenders, Oportun Loans maintains an online and storefront presence. This means that you can choose to apply for the loan over the internet or in person.
They service both American and Spanish borrowers but aren’t available nationwide. As of the time of this writing, you can only get Opportun Loans in 12 states in the country.
States You Can Access Opportun Loans
- New Jersey
- New Mexico
Is Oportun Loans Legit
The services that this platform touts are legit. They are also considered ideal by major customer review platforms like BBB. Regardless of your credit score, you can leverage their services to get loans ranging from $300 to $9, 000 fast.
What’s more, they’re licensed and regulated in all the states they operate in. This assures you that every transaction made with them is within the full confines of the law. The online front that the company provides has features that ensure your security. This includes 256-bit encryption and two-factor verification.
Still, there are a few things to take note of before going further with Opportun Loans.back to menu ↑
Transparency and Flexibility
Detailed information on the rates and terms applicable to your loan is scarce. Not much on that is available on their website. This implies that you have to be further along with your loan application first. You can get these details later. For people who like to know what they’re getting into first, this system of operation takes some getting used to.
While they offer various loan products, two factors that limit that service include;
Their service for only residents of the 12 states earlier mentioned. As such, where you stay is one of the most important things that determine your loan eligibility.
There is zero flexibility with choosing your payment date. Oportun Loan reserves this right. As a borrower, you cannot change or choose your payment date.
Beyond this, the ease and speed with which they make the requested funds available is amazing. Once approved, your loan can be ready as fast as the next business day. Also, depending on your preference, you can pick it up as a;
- Bank transfer
- Prepaid debit card
Effect of Opportun Loans on Credit Score
A credit score doesn’t mean so much to Opportun Loans. They also don’t consider the state of your credit history when you put in for a loan either. But, they do report your loan payments to major credit bureaus. Two of these include Experian and Transunion.
This can have an unexpected impact on your credit score if you are not careful. For people who have bad credit and manage to make their loan payments on time, this is good. In the long run, it’ll improve your credit score.
So, if you aren’t able to make regular on-time payments, you are also reported. So in the end, taking a personal loan from this agency could be very bad for your credit standing. Due to this, you have to be sure you have a solid plan before you proceed.back to menu ↑
Opportun Loans Customer Service and Experience
The performance of their customer service has been quite stellar. On customer review websites like Better Business Bureau, their record is great. Also, they appear to take customer complaints well and attend to them fast. But the fact that there are so many complaints in the first place is telling. It means that there is still much left to do to improve their customer experience.back to menu ↑
Loans and Rates Features
The interest rates that Oportun Loans request tend to be high. This is more so the case when compared to those demanded by similar platforms. Besides the high APRs, the time given to pay loans on average is quite short. The longest term you’ll get for any loan is 49 months. And, because the lender also determines how you’ll repay the loans, it may prove too difficult to manage.back to menu ↑
Conditions of Service Provision
Age is very important here. All lenders must be at least 18 years old. Also, you must be a resident of one of the 12 states they operate in. They accept individual applications, and you don’t need a bank account to apply.
Basic documentation you may need for your loan application include;
- Proof of income
- Latest pay stubs
- Valid means of identification
- Proof of citizenship. Non-residents are still considered though.
Once you visit their website or physical store and fill in your details, you usually won’t have to wait long. Their loan process is fast. If a borrower meets their requirements, credit approval and release of funds can take 24 to 48 hours.back to menu ↑
Oportun Loans lives up to its promise of providing an outlet to borrowers who can’t get a loan elsewhere. If you have an alternative though, this lender might not be the best option for you. Loans here subject you to high APR and limited influence over your repayment. It also puts you at risk of damaging your credit score. So, it’s best to move forward here only if have exhausted all other avenues.
Terms: Opportun Loans Latest 2021 Review